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Tds on professional fees

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This query is : Resolved

Mekhala (Querist)

20 June 2013 Sir,

I receive 2 bills every m onth for stack analysis report of Rs 8989/- each. I want to know when i am suppose to deduct the tds on professional fees @ 10%. Is it on every m onths bill or only after he crosses the limit of Rs 30000/-. But when i reach his fourth bill the amount comes to Rs 35956/- have i to less the 30000 lt and deduct the tds on 5956/- amount?

Ganeshbabu K

Ganeshbabu K (Expert)

20 June 2013 Not like that

once total credits during financial year exceeds 30000 you are under liability to deduct tds on complete amount credited in financial year..

i.e, tds to be deducted on 35956

30000 is not basic exemption it is threshold limit to apply tds

Thanks & regards
Ganesh babu k

Mekhala

Mekhala (Querist)

20 June 2013 thank you sir

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